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Started By
Message
Fed Reserve: 31% of Adults have 0 saved for retirement
Posted on 8/8/14 at 4:08 pm
Posted on 8/8/14 at 4:08 pm
I know the amount of adults with retirement accounts has been brought up from time to time. This is downright scary.
LINK
quote:
It's no secret that many Americans aren't saving enough for retirement, but a big chunk of households have saved nothing at all.
Nearly a third, or 31% of U.S. adults said they had no savings or pension to help them afford retirement, according to the Federal Reserve Board.
Even more alarming: 19% of those very close to retirement age, between the ages of 55 and 64, said they had no savings.
As a result, more than half of these respondents said they planned to either work full-time or part-time during their retirement years.
LINK
8
Posted on 8/8/14 at 4:45 pm to Lsut81
quote:
This is downright scary.
old ppl love them some gov't money.
I suspect in the next 10 years we will see a permanent adjustment upwards to SS. Exactly the opposite of what we need.
the fricks should just have to work until they die.
Posted on 8/8/14 at 4:52 pm to Lsut81
I just read that article, 1 out of every five adults between 55 & 64 have no savings is crazy.
And 1 in 4 don't know how they are going to afford retirement.
And 1 in 4 don't know how they are going to afford retirement.
Posted on 8/8/14 at 5:12 pm to TigerintheNO
How can you be 60 years old and not have a 401k or IRA?
Posted on 8/8/14 at 5:47 pm to Lsut81
quote:
As a result, more than half of these respondents said they planned to either work full-time or part-time during their retirement years.
Thats great. And when they finally get too old and sick to work Obama care can take them out.
Posted on 8/8/14 at 6:48 pm to Lsut81
Half of the people I work with don't participate in our company retirement program. The company matches up to 3%. I have tried to explain the foolishness of giving 3% salary away but it's really futile.
Posted on 8/8/14 at 8:50 pm to Dr Rosenrosen
Unfortunately its all too common. I wouldn't be surprised if the % wasn't even higher.
I have one sibling who has worked all her life but yet has just a little to show for it. Their house & land is paid for which is a good thing but her body is starting to break down at a relatively young age.
I doubt she is going to be able to work for another 5 years. It saddens me to no end because she is a very good person and is a great mother.
I have been trying to encourage her to start putting money back, she has some savings but its not going to be nowhere enough.
I have one sibling who has worked all her life but yet has just a little to show for it. Their house & land is paid for which is a good thing but her body is starting to break down at a relatively young age.
I doubt she is going to be able to work for another 5 years. It saddens me to no end because she is a very good person and is a great mother.
I have been trying to encourage her to start putting money back, she has some savings but its not going to be nowhere enough.
Posted on 8/8/14 at 9:28 pm to Dr Rosenrosen
quote:
How can you be 60 years old and not have a 401k or IRA?
Be poor like my mom. No education and no career will do it.
Posted on 8/8/14 at 11:45 pm to LSUSUPERSTAR
wow
Posted on 8/9/14 at 12:52 am to lsufan1971
It's amazing how a simple concept like compound interest is lost on many people. I could literally work at Domino's for 30 years and save $300K in a 401.
This post was edited on 8/9/14 at 1:00 am
Posted on 8/9/14 at 1:01 am to Hawkeye95
What I am waiting for is the percentage of adults to get high enough that it becomes politically expedient to raid 401ks and savings for the sake of fairness.
Posted on 8/9/14 at 8:58 am to Lsut81
I wish I could know how many of these 31 percent live in nice houses and drive nice cars.
Posted on 8/9/14 at 9:41 am to TigerintheNO
In my line of work, I believe this stat to be entirely true. I work with management couples and part of the attraction to my company is that we provide them with free housing, 3 meals a day, free utilities and base pay, plus bonus and benefits.
The pay isn't much, but many couples are drawn to my company because it is their "calling" and want to give back to the elderly.
The pay isn't much, but many couples are drawn to my company because it is their "calling" and want to give back to the elderly.
Posted on 8/9/14 at 9:41 am to LSUSUPERSTAR
quote:
Be poor like my mom. No education and no career will do it.
Terrible excuse. She should have found a damned career.
Posted on 8/9/14 at 9:59 am to lsufan1971
quote:
Half of the people I work with don't participate in our company retirement program
Same here. The elderly bitch about how the younger generation is foolish and irresponsible....yet all the younger ones have 401k set up with the elders do not.
Posted on 8/9/14 at 10:09 am to tysonslefthook
quote:
She should have found a damned career
You don't even have to have a career per say. Just utilize any sort of company wealth benefits while you are working in a particular place and commit to putting away a percentage of your paycheck.
Posted on 8/9/14 at 10:30 am to Dr Rosenrosen
quote:
How can you be 60 years old and not have a 401k or IRA?
Easy when you work for subsistence wages and you have to decide between eating, buying medicine and socking away money for retirement.
Posted on 8/9/14 at 10:56 am to Layabout
Then get a second job. Get educated and find a better job. Spend less money.
Seems simple to me fool
Seems simple to me fool
Posted on 8/9/14 at 12:00 pm to tysonslefthook
quote:
Terrible excuse.
I never said it was an excuse, just a reason why. This happens to a lot of people living poor. I got student loans, worked and went to school. My 3 younger brothers are more following her path. No real direction in life, just living week to week.
Posted on 8/9/14 at 12:03 pm to Layabout
Ok, but even Walmart offers a 401k with match. Anyone can contribute at least 2 or 3 percent.
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